Philippines Morning News For May 11

Philippines exports, imports grow faster than expected
Outbound shipments from the Philippines grew more than expected in March, but a surprise rise in imports helped drive the country’s trade deficit higher than anticipated.
— Financial Times

Philippines bourse approves IPOs of Eagle Cement, Cebu Landmasters
The board of the Philippine Stock Exchange on Wednesday approved the initial public offerings of Eagle Cement Corp, and Cebu Landmasters Inc.
— Deal Street Asia

Semirara records P4.42 billion net income for first quarter 2017
In a disclosure to the Philippine Stock Exchange, the company said its net income amounted to P4.42 billion for the first three months versus last year’s P2.91 billion for the same period.
– Power Philippines

DoF seeks to generate P47B from sugar tax
THE Department of Finance (DoF) said higher excise tax on sugar sweetened beverages can generate an additional P47 billion in revenue in the first year of implementation.
— The Manila Times

Coca-Cola FEMSA says PHL’s plans to tax sugary drinks likely to stir inflation
The government’s plan to tax sugar-sweetened beverages is likely to stir inflation and prove to be disadvantageous to sectors dependent on these products — manufacturers, sugar farmers, and retailers alike, the chief executive of the largest franchise bottler of Coca-Cola Co. products said.
— BusinessWorld Online

Cabinet officials to present PH economic plan at World Economic Forum
Cabinet officials, and possibly President Rodrigo Duterte himself, will present the Duterte administration’s economic plan during the World Economic Forum on ASEAN on Thursday, May 11.
– Rappler

San Miguel nets P13.8 billion in 1st quarter
EARNINGS of San Miguel Corp. (SMC) inched up at the start of the year on the strength of its food, beverage, oil and infrastructure businesses, but growth would have been faster without the impact of the peso’s fluctuation.
— BusinessWorld Online

US, UK issue travel warning on Palawan
“Shoot on sight” is how President Duterte wants the military to deal with Abu Sayyaf bandits, as the United States and Britain have alerted their citizens to threats of kidnapping of foreigners by the terror group in some resorts in Palawan.
— The Philippine Star

Duterte in Cambodia for infrastructure push
President Rodrigo Duterte arrived Wednesday in this Cambodian capital where he will make a pitch for his ambitious socioeconomic blueprint before top business and political leaders in the region.
— ABS-CBN

AFP: At least 8 foreign terrorists in PH
The Armed Forces of the Philippines (AFP) has confirmed the presence of at least eight foreign terrorists in the country.
— CNN Philippines

Philippines: Coconut farmers get help in crop care through their phones
GENEROSA GONATO’S mobile phone beeped with a warning for the coconut farmer in the southern Philippines to be vigilant against bud rot, a common disease fatal for coconut trees. The message included the symptoms and how to treat it.
– Tech Wire Asia

DOJ probes Janet’s VIP treatment in surrender
As it sets a reinvestigation on the Priority Development Assistance Fund (PDAF) scam with Janet Lim-Napoles as a possible state witness, a puzzled Department of Justice (DOJ) hopes to figure out why the businesswoman went straight to Malacañang upon surrendering at the peak of the controversy in the previous administration.
— The Philippine Star

Capitol loses P800,000 to fake quarry coupons
THE Negros Occidental Provincial Government lost about P800,000 in revenues after a quarry operator from the south allegedly used fake coupons to carry out his business.
— Sun Star

FDI inflows up 11% in 2 months
Foreign direct investment (FDI) inflows recorded a double-digit growth of 11 percent in the first two months on the back of sustained growth in the economy, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
— The Philippine Star

Shares open higher on upbeat GDP growth prospects
Share prices opened higher on Thursday ahead of the release of the report on the first quarter gross domestic product next week.
— ABS-CBN

Factory output rides on sustained economic growth momentum
MANUFACTURING grew for the 21st straight month last March, with production at the country’s factories up by more than a tenth at the close of the first quarter.
— BusinessWorld Online

PSEi extends losses, sinks further below 8,000
STOCKS fell to drag the Philippine Stock Exchange index (PSEi) to a five-day low, and further away from 8,000 level, as blue chip company earnings disappointed.
— BusinessWorld Online

EU backs PH’s anti-drug program
The European Union (EU) is gearing up for rollout of a project designed to ensure that former drug addicts do not return to their old habit, as more countries continue to offer support for the Duterte administration’s aggressive war against illegal drugs.
— Manila Bulletin

PH-China bilateral talks on South China Sea set this month
Incoming Foreign Affairs (DFA) Secretary Senator Alan Peter Cayetano has announced that the bilateral talks between the Philippines and China over the disputed South China Sea will start this month.
— Manila Bulletin

New ship from Indonesia to join PH Navy on its 119th anniversary
The Philippine Navy will celebrate its 119th anniversary with the commissioning of its brand new landing dock vessel, the BRP Davao del Sur (LD-602).
— Inquirer.net

Piñol vows to crack down on rice cartel
Agriculture Secretary Emmanuel Piñol on Tuesday said he would help uncover the rice cartel controlling grain production and stabilize the price of palay (unhusked grains).
— Philippine Daily Inquirer

Feature photo Brian Evans
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Philippines Morning News For May 11 added by Stella-maris Ewudolu on May 11, 2017
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Stella-maris Ewudolu

Journalist at AEC News Today

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005.

Between November 2010 and February 2012 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships. From 2010 – 2017 she worked as a freelance screen writer for ‘Nollywood’, Nigeria.

She joined AEC News Today in December 2016.